Vanguard Long-Term Treasury Admiral (Vanguard Long-Term Treasury Fd ) Fonds

Under normal circumstances, the fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The advisor is expected to maintain a dollar-weighted average maturity of 15 to 30 years. The fund may invest in derivatives instruments, such as options, futures contracts, and other swap agreements.